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Author Topic: Need Input ASAP!!  (Read 2188 times)

Offline atl_rei

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Need Input ASAP!!
« on: May 14, 2006, 09:38:13 pm »
Hi,

I've found my first deal doing Assignment of Contract and I really need some pointers all the way to how to fill out the contracts and where to sign, etc.

I'm looking to make a $3K fee off of a $115K sale.

Questions:

Who pays the closing costs - buyer OR seller?
Who pays the fees at the title company? Buyer?
Does anyone have any sample contracts already filled out that I can go by?

Thanks,

Dana


Offline SCflipper

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Re:Need Input ASAP!!
« Reply #1 on: May 15, 2006, 06:00:00 am »
If you are assigniing your contract then your buyer is responsible for closing, unless your contract stated otherwise.

If a title company is closing this deal, their "fee's" are the closing cost..someone correct me if i'm wrong

Offline reiauctions

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Re:Need Input ASAP!!
« Reply #2 on: May 18, 2006, 02:48:04 pm »
The closing costs should be dictated in the contract.  In general seller pays title and title insurance, each side pays for closing.  However, the contract is what will tell you.  You can take a look at Steve Cook's contract with is free to pull down at www.flippinghomes.com
Internet Auctions for Real Estate
http://www.reiauctions.com/info

Tom Wood

Offline imbeautiful1

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Re:Need Input ASAP!!
« Reply #3 on: May 18, 2006, 10:25:11 pm »
I am copying an pasting here. This is what is use the Purchase and Sale Agreement, Seller's Acknowledgement's, and Assignment of contract respectivley.




Purchase and Sale Agreement
This agreement is made this _________day of _____________________, 20______
between Seller(s)_______________________________________ Social Security #______________________
and Buyer(s) ________________________________________________________________________
and or assignees. Seller agrees to sell and buyer agrees to buy the following described real property together with all improvements and fixtures and the personal property described below:
Street Address_________________________________________________________________
________________________________, LOUISIANA   _____________ ______________________________________ Parish
Personal property included: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Earnest Money Deposit    $______________________
Existing Loans & Liens   $______________________
New Loan and/or Cash To Seller At Closing    $______________________
Purchase Price   $______________________
The purchase price to be paid as follows:
1. EARNEST MONEY to be deposited with seller by cash, check, or money order within 48 hours of acceptance by seller.
2. THE BALANCE DUE SELLER in the amount of $ _______________ shall be paid as follows:
____________________________________________________________________________________________________________________________________________________________________________

3. PRORATIONS, IMPOUNDS & SECURITY DEPOSITS: Loan interest, property taxes, insurance, and rents shall be prorated as of the date of closing. All security deposits shall be transferred to buyer at closing. All impound accounts for taxes and insurance are included in the purchase price and shall be transferred to buyer at closing. Any shortage in these accounts shall be charged to seller at closing.
Page 1 of 2 Purchase and Sale Agreement
4. CONDITION OF HOUSE AND APPLIANCES: Seller warrants that all known problems/defects of the house and all mechanical systems and appliances have been disclosed. All other the house and all mechanical systems and appliances will be in good working order at closing. Appliances and other personal property will be transferred by bill of sale free of encumbrances at closing.
5. CLOSING DATE AND TRANSFER OF TITLE: This transaction shall close on or before _______________, 20___. Closing will be held at ____________________________ and Seller(s) agree to transfer marketable title free and clear of all encumbrances except those listed and pay any required state taxes or stamps required to record deed and mortgage. Seller agrees to furnish title insurance in the amount of the purchase price, showing no encumbrances or exceptions other than previously noted.
6. DAMAGE TO PROPERTY: Seller shall maintain property in its current condition and keep it insured against all loss until closing in the event of destruction covered by insurance, buyer may elect to close and collect the insurance proceeds.
7. DEFAULTS: If buyer defaults under this contract, any and all monies deposited by buyer(s) shall be retained by seller as full liquidated damages. If seller defaults, buyer may pursue all remedies allowed by law and seller agrees to be responsible for all costs incurred by buyer as a result of sellers default.
8. SUCCESSORS AND ASSIGNEES: The terms and conditions of this contract shall bind all successors, heirs, administrators, trustees, executors and assignees of the respective parties.
9. ACCESS ADVERTISING AND REPAIRS MADE BY BUYERS: Sellers agree that buyers may advertise property and have access during reasonable hours to show property to others. If the property is vacant and in need of repairs, buyers at their expense may make repairs and improvements, and any improvements made shall become the property of the seller should the buyer default,
10. ADDITIONAL TERMS AND CONDITIONS:
______________________________________________________________________________________
______________________________________________________________________________________
The undersigned have read the above information, understand it and verify that it is correct.
SELLERS:
________________________________________________DATE_________________________________
________________________________________________DATE¬_________________________________
 
BUYERS:
_________________________________________________DATE________________________________
_________________________________________________DATE________________________________

Page 2 of 2 Purchase and Sale Agreement




Page 1 of 2
Seller’s Acknowledgements
I ____________________________________________________________ (Seller),
on this ____ day of ______________________, 20_____, have agreed in writing to sell the
property commonly known as _________________________________________________,
(The Property) to ________________________________________ (Buyer) and or assigns,
according to the terms and conditions contained in the Purchase and Sale Agreement (The
Agreement) of even date, a copy of which is attached hereto. I further state as follows:
________ 1. OWNERSHIP OF THE PROPERTY: I am the owner of The Property (or I
have an equitable interest in The Property) and am able to contract for its sale.
________ 2. ACCEPTANCE: I have reviewed the terms and conditions contained in
The Agreement and have accepted Buyer’s offer to purchase The Property.
________ 3. GOOD AND VALUABLE CONSIDERATION: I have received good and
valuable consideration in signing The Agreement, and I acknowledge both the receipt and the
sufficiency of the consideration.
________ 4. IN MY BEST INTEREST: I am satisfied with The Agreement and have
agreed to sell The Property because it is in my best interest to do so.
________ 5. FULLY INFORMED AND NOT CONFUSED: I have signed The
Agreement being fully informed and with sufficient understanding of all terms and conditions
contained therein. I am not confused about any aspect of The Agreement.
________ 6. SATISFIED WITH THE SALES PRICE: I understand I may be selling
The Property for less than market value but have chosen to do so because circumstances
dictate that an immediate sale, even at a discounted price, is in my best interest. I am
satisfied with the sales price I have negotiated.
________ 7. SALE IS FINAL: I understand by signing The Agreement, I have agreed
to sell The Property to Buyer and am now bound by the terms and conditions described in
The Agreement. I further understand that I cannot “change my mind” or cancel the contract
at some later date, nor can I continue to market The Property to any other buyer.
________ 8. CONTINGENCIES MAY EXIST: I understand the sale may be contingent
upon Buyer’s inspection and approval of certain items described in The Agreement. I further
understand that if Buyer does not approve of these items, Buyer may cancel The Agreement
and if cancelled, I must return Buyer’s earnest money in full.
________ 9. NOT A LOAN: I understand The Agreement I have signed is for the
outright sale of The Property and is not intended to be a loan of any kind.
Page 2 of 2
________ 10. AGREEMENT MAY BE ASSIGNED: I understand Buyer may assign The
Agreement to another party and I may be closing the sale with someone other than Buyer.
________ 11. NO ESCROW: I understand Buyer may choose to “close” this transaction
without the use of an escrow company and may record the conveyance documents himself.
________ 12. CLOSING DOCUMENTS: I understand there will be additional closing
documents to sign and upon receipt, agree to sign and deliver the closing documents either
into Escrow or directly to Buyer, as Buyer may direct, in a timely manner.
________ 13. COPIES OF THE PAPERWORK: I understand that copies of the
paperwork I’ve signed will be provided to me in a timely manner and I acknowledge that
circumstances dictate that copies may not be immediately made available to me.
________ 14. BUYER ENTITLED TO MAKE A PROFIT: I understand Buyer may resell
The Property and may realize a profit in doing so. I agree Buyer is entitled to any profit that
may ultimately result in the subsequent resale of The Property.
________ 15. LEGAL COUNSEL ADVISED: I acknowledge Buyer has advised me to
seek independent legal counsel to review The Agreement.
________ 16. FINANCIAL REVIEW ADVISED: I acknowledge Buyer has advised me
to seek an independent financial advisor to review The Agreement.
________ 17. FAIRLY NEGOTIATED: I understand Buyer has negotiated on his own
behalf and likewise, I have negotiated on mine. I acknowledge The Agreement has been
negotiated fairly and Buyer has not taken advantage of me or my current situation.
________ 18. NO PRECLUDING AILMENTS: I have no physical, mental or emotional
ailments that preclude me from signing The Agreement.
________ 19. NOT UNDER THE INFLUENCE: I am not now under the influence of
alcohol or any other mind-altering substance, nor am I taking medication that would cloud
my judgment or make me unable to think clearly.
________ 20. NO OTHER PROMISES: I have not been promised anything other than
what is described in The Agreement. There are no unresolved issues, no “side agreements,”
nor are there other terms not disclosed in The Agreement.
________ 21. NOT UNDER DURESS: I am not under duress and have signed The
Agreement of my own free will, without any undue financial pressure. I have signed of my
own free will and Buyer has in no way pressured me into signing The Agreement.
________ 22. FULLY SATISFIED WITH AGREEMENT: I am fully satisfied with all
terms and conditions contained in The Agreement.
Dated this _____ day of ___________________, 20____.
√ _______________________________ √ ______________________________
Seller (Signature) Seller (Signature)




Assignment of Contract
The undersigned Assignor, having executed a contract dated _____________________ between
________________________________________________________________________
Contractor
and
________________________________________________________________________
Contractee
Concerning the property described as:
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________,
hereby assigns all rights to said contract to:_____________________________________________________________________
("Assignee")
in exchange for compensation in the amount of _______________________________________.
Assignee agrees to fulfill all terms, conditions, and contingencies of said Contract and to perform as required in good faith and within any time periods established by said Contract this _____day of _____________, 20_____.
____________________________________
Assignor   ____________________________________
Date
____________________________________
Assignee   ____________________________________
Date


Offline atl_rei

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  • Posts: 5
Re:Need Input ASAP!!
« Reply #4 on: May 19, 2006, 07:03:07 am »
Thanks for the info! I needed that. Now this is what I'm talking about, people actually giving VALUABLE input and really meaning to help!

Thanks again. (From all 3 of you) I appreciate it.

 




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